Retail FX and CFD broker Exness was approved as a member of the Financial Commission, the self-regulatory organization that provides external dispute resolution services for the trading industry, particularly FX, CFDs, and crypto.
Membership precludes a wide range of benefits, including protection of up to €20,000 per client amid a dispute between the broker and its user base.
That has proven to be a valuable proposition as complaints against trading firms have skyrocketed in 2020. A strong surge of new traders joining the industry in a time of social trading phenomena and extreme volatility have caused major disruptions in the service of leading brokers.
Brokerages and independent service providers (ISPs) utilize the services of the self-regulatory organization to obtain a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
In 2020, the Financial Commission added 12 new approved broker members to its membership ranks and that number is likely to be exceeded in 2021 as the industry increasingly relies on external dispute resolution organizations.
Forex, CFDs, and Cryptos are trading products that cater to a global client base but the most respected jurisdictions in terms of regulatory frameworks and enforcement only aim to protect their residents.
Brokers that are members of EDR organizations such as the Financial Commission have much to gain as not only do they get protected from regulatory and reputational risks but also benefit from a speedy dispute resolution.
About Exness
Exness is a leading global multi-asset broker, offering FX currency pairs, precious metals, cryptocurrencies, commodities, indices and stocks, under excellent trading conditions. With a legacy in the fintech industry spanning over a decade, Exness is the go-to broker for anyone looking to benefit from the world of online trading, whether they are making their first steps or looking to expand and diversify their current portfolio. Founded on the pillars of trust, transparency, integrity and innovation, Exness offers a gateway to the financial markets that is second to none.
For more information about Exness, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
